US Dollar Index: DXY edges above 104.00 despite Biden-McCarthy debt ceiling agreement, US NFP eyed – by anilpanchal7 DollarIndex RiskAversion Fed NFP Politics
US President Biden, House Speaker McCarthy’s debt ceiling deal is in woods amid policymakers’ discomfort.Hawkish Fed bets highlight US NFP as another key catalyst.Index makes rounds to 104.25-30 during early Monday as it struggles to cheer the US debt ceiling agreement amid uncertainty surrounding its passage through Congress. Additionally challenging the DXY buyers could be the holidays in multiple markets and cautious mood ahead of this week’s US jobs report.
Although US President Joe Biden and House Speaker Kevin McCarthy reached a tentative deal to raise the Federal government's $31.4 trillion debt ceiling through January 2025, the agreement lacks support from some of the leftists and rightists due to the compromises involved. That said, the debt ceiling deal needs to pass through the House on Wednesday and the Senate by June 05 to avoid the looming ‘catastrophic’ default.
Market players are getting more optimistic about the Federal Reserve’s 0.25% rate hike in June after Friday’s upbeat US data, as well as the welcome growth figures marked earlier in the last week. US Durable Goods Orders for April came in better-than-forecast to 1.1% from 3.3% prior, versus -1.0% expected. Further, Nondefense Capital Goods Orders ex Aircraft, also known as the Core Durable Goods Orders, marked upbeat growth of 1.4% compared to -0.2% anticipated and -0.6% previous readings. Additionally, the Core PCE Price Index for the said month rose past market forecasts and previous readings of 0.3% MoM and 4.6% YoY to 0.4% and 4.7% in that order.
Not only the data, but comments from influential personalities also underpin the bullish bias about the US Dollar. International Monetary Fund Managing Director Kristalina Georgieva stated that the US interest
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